Skip to main content

Should I pay credit card debt that is 20yrs old and in collections w/Asset Acceptance,LLC.Reduced from original $4197.37 now 210

Austin, TX |

Just wondering if I really will be helping my credit rating or just doing the morally right thing?

+ Read More

Filed under: Credit Debt
Attorney answers 4


Generally, the relevant credit history is the last 7 years. Resolving something that is 20 years old won't help. Incidentally, if the debt is really 20 years old, the company trying to collect the debt would probably keep all that you pay, which is why the company is willing to cut a deal.

Good luck.


Also, be careful if company requests you to sign any documents.


20 years old, but has it been more than 4 years since the last payment? or charge on the account? if so then they have no legal remedy. I would pay nothing.


If the debt is 20 years old it should not be reporting on your credit report. You should dispute the debt because Asset Acceptance may have "re-aged" the debt, claiming you made a recent payment. You can go to to obtain a free copy of credit reports and also can do online disputes.

My comments are not legal advice and are for informational purposes only.